There are financial ways to get wealthy during a recession. The key is to know what the ways are of developing wealth, making a decision to participate in those ways, and most importantly taking action to aquire wealth or increase wealth.
Wealth is created by earning money even if you aren't doing anything to earn money. Money is earned while you are on vacation, mowing the lawn, watching your kids football game or even while you are sleeping. This is how the wealthy got that way and how they get wealthier.
There is what is called the 4 ways of earning income. This is called the 4 quadrants of money:
1. A hourly job, where you go to work for a certain dollar amount per hour. Once you stop working your income stops as well. You are limited in this and you will never aquire wealth doing this.
2. A salary job, where you go to work for a set amount of money that is not dependant on the hours you work. Most times this is more hours spent per day for the same as an hourly employee. Wealth can't be created here either. Once you stop the action of work the income stops as well
3. Commission sales/self employment. This is when you sell a good or service and the only income you recieve is from a set percentage or amount of the product or service sold. You only get paid when you sell someting or perform a service. You are unemployed until your next sale.
4. Residual income. This is the only time where wealth is created, you get paid over and over again for doing an action once. This can be easily understood by looking at the entertainment industry. When a movie gets made or a new album cut, the owners of the movie or album get paid everytime the movie gets played. For life.
This is called LEVERAGE. When you leverage the efforts of others or a system for income is how people get wealthy. Wealth is only created by leverage and that can only be done by people at work or money at work.
Having people at work is a person that has a group of sales people that sell an item for you or a company and you make part of the money from each sale of every product that is sold. You make money off of the efforts of others. This is having people at work.
Money at work is you having $100,000 in a bank account and you recieve 8% interest on that money every year. You would make $8,000 dollars a year just for having that money in that account. This is money at work.
The first step for you to start to aquire wealth is to see where you are in the 4 quadrants. If you are not engaged in the fourth then you need to do something to become engaged in it. Until then you are at the mercy of your employer or the economy.
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Eddie Holford is an international business owner of multiple businesses that span the globe. Thousands have benefited from his teachings and gone on to live wealthy lives, For information on his opportunities to create wealth, speaking engagements and coaching sessions and seminars please call the toll free information line at 888-433-2032 or visit the website at
http://www.MakeYourLifeRich.com/goland4/Bl...
Posted By: Eddie Holford
Sunday, October 19th 2008 at 1:41PM
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